Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 24 Jan 2018 My Price 5.00

Chelsey Company

At the end of the current year, Chelsey Company has a projected benefit obligation of $600,000 for its pension plan, and the fair value of its pension plan assets is $580,000. The company has a credit balance of $32,000 in its Accrued/Prepaid Pension Cost account. Prepare the journal entry to adjust its Accrued/Prepaid Pension Cost account. Assume that the difference between the projected benefit obligation and the fair value of the pension plan assets is due to the actual return on plan assets being different from the expected return on plan assets. Indicate why and where (and the amount) Chelsey Company would report its Accrued/Prepaid Pension Cost.

 

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Maurice Tutor
(5)
Status NEW Posted 24 Jan 2018 08:01 PM My Price 5.00

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